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Nevin E. Adams

There is frequently a difference between doing what the law requires and doing everything that you could do as a plan fiduciary. That said, there are things that plan fiduciaries must do and things that—while not required—can keep the plan, and plan fiduciaries, out of trouble. Let’s get started... READ MORE
Each generation experiences life through the prism of its own experiences—creating a unique frame of reference that can itself be a language barrier in communication.  Indeed, I have for years enjoyed checking out what was once called the Beloit College Mindset List (a couple of years back... READ MORE
It’s often said that “if it bleeds, it leads”—and, according to a new report, it may also mislead. The study—by folks at the Center for Retirement Research at Boston College—looked at coverage of Social Security’s finances, noting that while the 2020 Trustees Report projects that the Social... READ MORE
While the past 18 months have often felt like we’re living through an episode of The Twilight Zone—never more so than to realize that this week marks the 20th anniversary of the September 11 attacks.  It’s hard to believe that there are today people in college—and in the workforce –that weren’t... READ MORE
Noting that “converting subpar allegations into settlements has proven a lucrative endeavor—mostly for the lawyers bringing these lawsuits,” the U.S. Chamber of Commerce has weighed in on the surge in retirement plan fee litigation. That was just one of the ways the Chamber (and its legal counsel... READ MORE
Another multibillion-dollar plan—this one a faith-based, not-for-profit health care organization and clinical care network—finds itself in the crosshairs of a Capozzi Adler lawsuit. Plaintiffs Lawanda Holmes, Ani M. Miller and Brittany E. Roxbury (“by and through their attorneys”) filed suit... READ MORE
A new survey once again highlighted a consistent regret among American workers.  According to the survey by American Century Investments, they wish they had saved more for retirement. Now, only about a third shared that regret—but it was more than twice the number that had regrets about career,... READ MORE
The plaintiffs in a 403(b) excessive fee suit have persuaded a federal appellate court that (some of) their claims warrant a further consideration.  One of the first of the 403(b) university excessive fee suits, the plaintiffs brought this suit against NYU in its capacity as the fiduciary of... READ MORE
A university which prevailed on some claims in an excessive fee suit and settled others, only to have the plaintiffs try to resurrect the dismissed claims—now has some trade group support for its motion to dismiss these claims… again. The suit—one of the first of the genre of 403(b) university... READ MORE
My wife and I recently celebrated our wedding anniversary—it was a “big” one, one of those that almost takes your breath away thinking about how rich your life together has been. If someone had asked on my wedding day if I thought I’d still be alive and married this many years hence, I’m sure that... READ MORE
Another retirement plan cyber theft scheme has come to light—and the perpetrators sentenced. This particular intrusion involved the Texas Employees Retirement System and the machinations of Olumide Bankole Morakinyo, 38, a Nigerian national residing in Canada, and Lukman Shina Aminu, a resident of... READ MORE
The White House has announced nine key nominations, including Lisa Gomez for Assistant Secretary for Employee Benefits Security, Department of Labor. According to Reuters, Gomez is currently a partner at labor law firm Cohen, Weiss and Simon LLP where she represents employer and union pension... READ MORE
A new excessive fee suit targets, among the usual “suspects,” what plaintiffs allege are “the obscenely high-fee, chronically underperforming GoalMaker funds…” The plaintiffs in this case are Martin P. Moler, John T. Czahor and Kathleen D’Ascenzo, who, by and through their attorneys,[1] on behalf... READ MORE
The consolidation trend in recordkeepers continues—and arguably accelerates—with the latest big industry acquisition. Empower Retirement and Prudential Financial, Inc. have announced they have entered into a definitive agreement for Empower to acquire Prudential’s full-service retirement business... READ MORE
On July 16 the IRS released Revenue Procedure (Rev. Proc.) 2021-30, and with it a series of updates that plan sponsors and those working to correct plan failures will find of interest, including two new benefit overpayment correction methods. The IRS noted that the two new overpayment correction... READ MORE
The nation’s highest court has agreed to hear a case that the law firm of Schlichter Bogard & Denton says is having a “chilling effect” on excessive fee litigation. The district court ruled in favor of the plan fiduciary defendants in March 2018, and the appellate court affirmed that decision... READ MORE
The study of history is a passion of mine, and while it seems a bit trite, the old adage that those who don’t remember the past are doomed to repeat it seems more apropos by the day. Regardless, I never cease to be touched by the experience of walking the grounds where famous individuals or great... READ MORE
The ROI for financial wellness has always been elusive—but a new survey suggests that it might not matter. Asked “Why are you creating or expanding your financial wellbeing program?”, respondents to Alight’s 17th edition of Hot Topics in Retirement & Financial Wellbeing said that not only was... READ MORE
One of the most active ERISA litigation firms has now turned its attention to a mammoth 403(b) plan. The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454, complaint 6/4/21) was filed in the in the U.S. District Court for the Middle District of North Carolina by... READ MORE
The ROI for financial wellness has always been elusive—but a new survey suggests that it might not matter. Asked “Why are you creating or expanding your financial wellbeing program?”, respondents to Alight’s 17th edition of Hot Topics in Retirement & Financial Wellbeing said that not only was... READ MORE

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